Cooking.com Cuts Staff as Part of Program To Achieve Profitability Earlier than Originally Planned.Business Editors SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Feb. 9, 2001 Cooking.com said today it will eliminate 36 jobs, representing about 20% of its workforce, as part of an accelerated program to achieve profitability at an earlier date than originally planned. "This is not a cost-cutting move for survival, but one that makes business sense with the changing environment, as the capital markets today seek to invest in profitable companies," said David Hodess, chief executive officer and founder of the privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . "While this is a difficult announcement to make, we have been able to restructure our operations to ensure that our customers continue to receive the great service to which they have become accustomed." Hodess said the workforce reduction will save the company approximately $3 million annually. He said Cooking.com tripled sales in 2000, while reducing marketing costs from 1999, and that sales remain strong, with sufficient cash resources to carry the company to profitability. "Cooking.com remains the number one commerce site in the cooking category," said Hodess. "We historically have maintained tight cost controls and believe that sound management of all our resources will enable us to continue our growth and attain profitability without further funding." About Cooking.com Founded in March 1998, Cooking.com is a leading online retailer of best-of-brand cooking-related products and specialty foods. The site offers around-the-clock a·round-the-clock adj. Variant of round-the-clock. Adj. 1. around-the-clock - at all times; "around-the-clock nursing care" day-and-night, round-the-clock, nonstop accessibility to more than 6,800 product offerings from top brands, such as All-Clad All-Clad Metalcrafters are manufacturers of premium cookware. All-Clad was established in 1968 after founder John Ulam discovered a unique process that uses a combination of heat and pressure to bond different metals into “sandwiched” sheets. , Calphalon Calphalon is a brand of cookware products owned by Newell Rubbermaid. Calphalon cookware has stick resistant surfaces made of anodized aluminium rather than the more common Teflon-style coating. Calphalon also produces the more traditional non-stick coated cookware. , Cuisinart Cui·si·nart A trademark used for a kind of food processor and its attachments. , KitchenAid, Krups, Henckels and Wusthof -- one of the broadest product selections of cooking-related items on the Web. In addition, Cooking.com provides thousands of recipes, cooks' tips, feature articles and menus from renowned chefs, cookbook (programming) cookbook - (From amateur electronics and radio) A book of small code segments that the reader can use to do various magic things in programs. One current example is the "PostScript Language Tutorial and Cookbook" by Adobe Systems, Inc (Addison-Wesley, ISBN authors and restaurateurs, creating a unique destination for people who love to cook and enjoy gourmet food. Cooking.com has developed numerous partnerships with established market leaders, such as Fine Cooking, Cooking Light and Starbucks Coffee Co. Cooking.com also maintains an exclusive relationship with Burt Wolf, one of the nation's best-known experts on food and cooking equipment, who contributes his unique views on new products and recipes from his worldwide travels. Cooking.com's firm commitment to customer service ensures a hassle-free shopping experience for every guest; the site was ranked third by Fortune magazine in an independent study rating the performance of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the retailers in all product categories during the 1999 holiday season. |
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